Zeev's Turnips Patch-No Politics (ZEEV)

[extelecom]

9:22AM Lucent upgraded at FBR (LU) 1.98: Friedman Billings Ramsey upgrades to Outperform from Mkt Perform based on their view that the co's second largest customer, AT&T, could be boosting capital spending in 2004; AT&T could be considering a network upgrade in 2004 that could add an incremental $250-$500 mln in expenditures per year, and firm thinks LU could be a major beneficiary of this spending; raises target to $3 from $2.